Raffles Medical set to profit from the opening of SIngapore’s borders - RHB

The company is the sole provider of Covid-19 PCR tests for Changi Airport.

Raffles Medical is expected to benefit from the reopening of Singapore’s borders, according to a report released by RHB.

Following yesterday’s announcement that Singapore has added nine countries to the Vaccine Travel Lane (VTL), up to 3,000 passengers from a total of 11 nations are expected to enter Singapore daily. With Raffles Medical as the only provider of Covid-19 PCR tests for Changi Airport, RHB expects this to work in the company’s favor.

The conversion of the Connect@Changi facility into a dedicated treatment facility is also expected to support near-term revenue growth.

Also supporting this is the return of both local and foreign patients to its clinics, as well as the breaking even of the Chongqing hospital in 2022F.

Overall, RHB expects these to positively influence next year’s earnings.

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